Implementation of the CDM model to the analisys of the hotel sector

The main aim of this study was to determine the impact of innovation on productivity in service sector companies — especially those in the hospitality sector — that value the reduction of environmental impact as relevant to the innovation process. We used a structural analysis model based on the one developed by Crépon, Duguet, and Mairesse (1998). This model is known as the CDM model (an acronym of the authors’ surnames). These authors developed seminal studies in the field of the relationships between innovation and productivity (see Griliches 1979; Pakes and Grilliches 1980). The main advantage of the CDM model is its ability to integrate the process of innovation and business productivity from an empirical perspective.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

A framework for analysing the adoption of New Zealand pastoral farming systems in central Veracruz State, Mexico : a thesis presented in partial fulfilment of the requirements for the degree of Master of Agricultural Science in Farm Management at Massey University

Tropical areas of developing countries have significant potential for increased food production. In the case of Mexico, an important economic activity in the tropics is livestock production based on pasture. Tropical regions represent 25% of the total area of Mexico and support more than 50% of the country's cow production. Historically, however, animal production in Mexican, and other tropical areas, has been low. Low pasture utilisation, and associated poor herbage quality, is one factor that contributes to poor animal performance in the tropics. This situation contrasts with the success of New Zealand pastoral systems, which in comparative terms have been able to obtain high levels of animal production and efficient use of pasture. Differences in pasture productivity (both in quality and quantity) and social and economic conditions between the Mexican tropics and New Zealand are large. Nevertheless it was proposed that some of the pastoral farming methods used in New Zealand, could be adapted to the conditions of tropical farmers in Mexico, particularly in relation to effective planning and control of the farming system. To test this hypothesis, the consequences of implementing some of New Zealand's pastoral farming techniques under tropical conditions in Central Veracruz State were explored by developing a spreadsheet model to simulate local farming systems. The model included linked submodels for pasture growth and quality, livestock transactions, milk production and enterprise gross margins. The effect of improved farming systems of milk output and cash returns were evaluated relative to the average levels of performance currently achieved from a medium-sized farm in the Central region of Veracruz State in Mexico. Straight forward changes in the design of the farming system, such as synchronising calving with the pattern of pasture growth rather than year-round calving, would significantly affect milk production and cash returns to the farm family. The modelling process was seriously constrained by the lack of farm-level data on pasture production and animal performance. Nevertheless, the model framework clearly identifies which data should be collected, and priority should now be given to assembling these data so simulation decision support models such as that developed in this study, can be effectively used to plan improved farming systems. Keywords: tropical agricultural, Mexico, farming systems, spreadsheet model

Black Box Galois Representations

We develop methods to study $2$-dimensional $2$-adic Galois representations $\rho$ of the absolute Galois group of a number field $K$, unramified outside a known finite set of primes $S$ of $K$, which are presented as Black Box representations, where we only have access to the characteristic polynomials of Frobenius automorphisms at a finite set of primes. Using suitable finite test sets of primes, depending only on $K$ and $S$, we show how to determine the determinant $\det\rho$, whether or not $\rho$ is residually reducible, and further information about the size of the isogeny graph of $\rho$ whose vertices are homothety classes of stable lattices. The methods are illustrated with examples for $K=\mathbb{Q}$, and for $K$ imaginary quadratic, $\rho$ being the representation attached to a Bianchi modular form. These results form part of the first author's thesis.Comment: 40 pages, 3 figures. Numerous minor revisions following two referees' report

Central Bank Collateral Policy: Insights from Recent Experience

The collateral policy of central banks played a critical role during the recent financial crisis, as they worked to bolster liquidity and alleviate the funding pressures facing financial institutions. This article examines central bank collateral policy and discusses three areas in which central banks can use their collateral policy to influence financial market practices: promoting greater transparency for securitized products, improving practices related to credit risk, and reducing procyclicality in the management of market risk.

Managing Adverse Dependence for Portfolios of Collateral in Financial Infrastructures

We propose a framework that allows a portfolio manager to quantify the probability of simultaneous losses in multiple assets of a collateral portfolio. Using this framework, we propose a methodology to conduct stress tests on the market value of the portfolio of collateral when undesirable extreme dependence occurs. This framework permits us to quantify the potential impact on the portfolio returns of systemic events that change, or 'break down', the historical comovement structure, imposing an adverse extreme dependence.We illustrate our framework using securities pledged as collateral in the Canadian securities clearing and settlement system.Econometric and statistical methods; Financial markets; Financial stability

Risk-Cost Frontier and Collateral Valuation in Securities Settlement Systems for Extreme Market Events

The authors examine how the use of extreme value theory yields collateral requirements that are robust to extreme fluctuations in the market price of the asset used as collateral. In particular, they study the risk and cost attributes of market risk measures by constructing a risk-cost frontier for the collateral pledged to cover exposures in a securities settlement system. The frontier can be used as a diagnostic tool to understand the risk-cost trade-off of different methodologies to calculate collateral value (haircuts) and select the most efficient alternative in a variety of settings.Financial stability; Payment, clearing, and settlement systems; Econometric and statistical methods